I am a lender based out of Charlotte, NC- I am looking to start a small property management business on the side as well learn how I should landlord my personal rentals in the future! Really starting from ground zero so any tips or information on how I should get started would be greatly appreciated! Please feel free to comment or DM me- I would love to connect.
Are you good at fixing things? Who's your go-to handyman so the owner doesn't feel ripped off? Know the tenant laws like the back of your hand? Notice procedures? You may need a realtor license. What experience do you have to add to your leases that aren't in standard forms? You'll need an attorney. From what I'm reading on this blog very very few people are good at this job. It will take more initiative than as a sideline. The world needs good PM's, good luck.
Are you good at fixing things? Who's your go-to handyman so the owner doesn't feel ripped off? Know the tenant laws like the back of your hand? Notice procedures? You may need a realtor license. What experience do you have to add to your leases that aren't in standard forms? You'll need an attorney. From what I'm reading on this blog very very few people are good at this job. It will take more initiative than as a sideline. The world needs good PM's, good luck.
Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
2y
Welcome @Joseph R Hudson to the forums, and the dark side, (aka property management). First off I'd say to look into your local laws and regulations, here in my market you need a broker's license to offer property management as a service, at least in the traditional sense. Or perhaps you are starting the company and hiring a principal broker? either way make sure you are on the up and up as far as laws and regulations.
Outside of that I find property management to be a pretty simple, while not easy, but simply business. If you treat your residents like your customers, and your properties like the product you are selling, things go pretty smoothly.
Tracking receipts and expenses, and metrics should be done from day 1 especially if you are treating this like a company. There are some pretty good online platforms to lean on for things like rent collection and they can be pretty simple and free, but if you are going to be reporting and managing maint requests and things like that through your system then something more robust like hemlane or a bunch of other options out there would be worth looking into.
hit me up if you have any specific questions, would love to connect!
I am a lender based out of Charlotte, NC- I am looking to start a small property management business on the side as well learn how I should landlord my personal rentals in the future! Really starting from ground zero so any tips or information on how I should get started would be greatly appreciated! Please feel free to comment or DM me- I would love to connect.
Welcome @Joseph R Hudson to the forums, and the dark side, (aka property management). First off I'd say to look into your local laws and regulations, here in my market you need a broker's license to offer property management as a service, at least in the traditional sense. Or perhaps you are starting the company and hiring a principal broker? either way make sure you are on the up and up as far as laws and regulations.
Outside of that I find property management to be a pretty simple, while not easy, but simply business. If you treat your residents like your customers, and your properties like the product you are selling, things go pretty smoothly.
Tracking receipts and expenses, and metrics should be done from day 1 especially if you are treating this like a company. There are some pretty good online platforms to lean on for things like rent collection and they can be pretty simple and free, but if you are going to be reporting and managing maint requests and things like that through your system then something more robust like hemlane or a bunch of other options out there would be worth looking into.
hit me up if you have any specific questions, would love to connect!
Hey Michael- Thank you for the comment! Ill definitely be doing my research on the laws and regulations regarding PM. Thank you for the tips and Ill definitely be reaching out if I have anymore questions!
Property Manager · Charlotte, NC · Member since 2022 · 138 posts · 87 votes
2y
Hey there @Joseph R Hudson and welcome to the PM world! I'd be happy to connect on this if you're interested. I own and manage 1 LTR in Denver, NC and am a seasoned mult-family property manager. My portfolio experience is near 50 million dollar assets and over 600 units.